Because you are part of a qualifying Group RSP and are required to contribute a set amount each year, you are not subject to penalties on over-contributions
—as long as they are used in the following year. For details on how to handle this situation, ask your tax preparer to review this document
If required it may me possible for PSRT to prepare a letter regarding the details of a Member's over-contribution details. The Member may then forward this letter to the CRA. Contact the office
for more information.
Also, the Trustees have put together a course to help Members better understand the details on Group RSP contributions. Click here
to access the course (use your PSRT username and password to log in).